Citigroup Global Markets Australia was ordered to pay a penalty of AU $50,000 (US $38,000) by the Australian Securities and Investments Commission for allegedly pre-arranging a transaction in New Zealand 90 Day Bank Bill futures contracts executed on the Australia Stock Exchange on July 17, 2015, among the firm’s Chicago sales desk, a firm rates trader located in Sydney, Australia, and the firm’s Sydney-based sales desk. In ordering the fine, ASIC acknowledged various mitigating factors, including that the transaction involved a single incident and the firm cooperated with ASIC in relation to the matter. ASIC’s order was issued as a so-called “Infringement Notice,” without Citigroup admitting or denying guilt or liability.